Dutch-based know-how investor Prosus NV stated on Monday its $4.7 billion deal to purchase cost platform BillDesk has been terminated, including that situations had not been met.
In a brief assertion, Prosus stated “sure situations weren’t fulfilled” by a Sept. 30 deadline and “the settlement has terminated routinely in accordance with its phrases.”
BillDesk couldn’t instantly be reached for remark.
A spokesperson for Prosus stated there was no break charge related to the deal however declined to touch upon causes for the deal’s cancellation past the assertion.
Fintech valuations have fallen sharply since Prosus introduced plans to purchase BillDesk in August 2021 to enhance its PayU enterprise and strengthen its presence in India, one among Prosus’s largest markets.
BillDesk processed $92 billion of funds within the yr ending March 31, 2021 and had a web revenue of two.71 billion Indian rupees ($37.05 million) for that interval, based on figures launched on the time of the acquisition.